How does a CEO take over the leadership mantle and manage to send company shares plummeting into the ground? That was the question Jim Cramer asked on Monday night's "Mad Money" while nailing

Regions Financial

(RF) - Get Report

CEO C. Dowd Ritter to the Wall of Shame.

Since Ritter took the reins of the bank on November 6, 2006, the stock price has fallen from $37.66 to yesterday's close at $4.07. That's an 89% nosedive.


How did this happen? Cramer pointed to multiple culprits: The bank is one of the biggest players in Florida, making it susceptible to an acutely bad housing market. Still, Cramer said that's no reason for the bank to take on so many bad loans.

Around $8.6 billion of the bank's loans are under stress, which comes to about 9% of the portfolio. Even worse, $4.1 billion of those are to homebuilders and $3.7 billion is in home-equity loans.

When the Treasury Department issued results from the stress test, Regions Financial was given a "Gentleman's C," according to Cramer. In order to make the feds happy, the bank has to raise $2.5 billion. The bank is still short, pulling in about $1.85 billion thanks to a secondary offering on May 20.

According to a report this morning, 10 banks already received the go-ahead to payback borrowed funds from the Troubled Asset Relief Program.

Regions Financial shares were changing hands in negative territory this morning, down another 4 cents since yesterday's close.

A few of Cramer's more bullish local bank plays from previous episodes are mixed today too.




First Niagara Financial


were down 12 cents and 4 cents respectively.


(BBT) - Get Report

was up 2.4% to $22.45.

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